South East Area Reports for 1999

                                         S.E. Minnesota FBM                               
                                   Crop Enterprise Analysis, 1999                         
                                (Farms sorted by Return to Overhead)                      

                                   ALFALFA HAY ON CASH RENTED LAND                        


                                                   Average Of   Average Of   Average Of
                                                    All Farms    High 20%       Low 20%  
                                                   
          Number of fields                                 98           19           19
          Number of farms                                  96           19           19

          Acres                                         47.05        67.07        23.68
          Yield per acre (ton)                           4.09         5.10         3.07
          Operators share of yield %                   100.00       100.00       100.00
          Value per ton                                 79.89        82.34        67.05
          Total product return per acre                326.90       419.81       206.09
          Miscellaneous income per acre                  5.87         8.93         0.00
          Gross return per acre                        332.77       428.74       206.09

          Direct expenses per acre
            Seed                                        11.78        12.18        12.89
            Fertilizer                                  18.51        16.14         9.62
            Crop chemicals                               7.41         8.62         6.83
            Crop insurance                               0.17         0.12         0.00
            Drying fuel                                  0.06         0.00         0.00
            Irrigation energy                            0.00         0.00         0.00
            Fuel & oil                                  11.80        11.36        14.23
            Repairs                                     15.93        22.71         9.89
            Repair, machinery                           14.00        11.25        26.65
            Custom hire                                 18.94        17.30        19.84
            Repair, buildings                            1.02         0.82         1.21
            Repair, irrigation equip                     0.00         0.00         0.00
            Hired labor                                  0.28         0.00         0.00
            Land rent                                   85.01        88.70        79.33
            Machinery & bldg leases                      0.48         0.00         0.00
            Marketing                                    0.42         0.00         0.00
            Operating interest                           7.07         2.93        15.31
            Miscellaneous                                4.45         5.43        18.50
          Total direct expenses per acre               197.33       197.57       214.32
          Return over direct expenses per acre         135.45       231.17        -8.22

          Overhead expenses per acre
            Repair, machinery                            0.02         0.00         0.16
            Hired labor                                 10.89        10.95         8.84
            Machinery & bldg leases                      7.92         9.26        15.26
            RE & pers. property taxes                    0.15         0.35         0.00
            Farm insurance                               3.25         3.62         3.80
            Utilities                                    3.24         3.84         1.98
            Dues & professional fees                     0.69         0.96         0.58
            Interest                                    10.25        12.97        15.83
            Mach & bldg depreciation                    28.74        38.62        41.27
            Miscellaneous                                8.32        12.48         3.06
          Total overhead expenses per acre              73.48        93.05        90.79
          Total listed expenses per acre               270.80       290.62       305.10
          Net return per acre                           61.97       138.11       -99.01

          Total direct expense per ton                  48.23        38.75        69.73
          Total listed expense per ton                  66.18        57.00        99.26
          Net return per ton                            15.15        27.09       -32.21
          Breakeven yield per acre                       3.32         3.42         4.55
          Est. labor hours per acre                      4.18         4.05         4.19

          Net return including govt. payments           93.15       172.87       -69.67
          Lbr & mgt charge per acre                     31.77        35.37        28.67
          Net return over lbr & mgt                     61.38       137.50       -98.34

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